Budgeting Without Spreadsheets checklist

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Julia Heath
6 years ago
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1 Budgeting Without Spreadsheets checklist

2 Use this checklist to determine when CPM software will help you improve your annual budgeting process and reduce your reliance on spreadsheets. Items Actions Look Within Your Company Ask a CPM Vendor Processes in place that suggest your company will benefit from a budgeting automation solution Identify bottlenecks in your budgeting and/or planning processes Identify when budgeting outputs have been compromised because you had incomplete and/or inaccurate data Quantify the amount of time spent on manipulating spreadsheets within your Finance Department Confirm your confidence with the outcomes of your forecasting and/ or what if analysis conducted in your Department Identify the quantifiable benefits your organization, your team, and you could achieve if the time required to collect/ analyze financial and operational data was reduced by more than 70% Structures that suggest your organization will benefit from a budgeting software solution Confirm your organization has more than one operating unit or operates in more than one geographic location 2

3 Items Actions Look Within Your Company Ask a CPM Vendor Identify if your organization is increasing, or planning to increase, the number of employees or offices in the next 12 to 18 months Confirm whether you have multiple stakeholders your business is accountable to Planning for implementing a software solution that reduces the time spent on budgeting Define immediate/short-term goals that you would like a budgeting software solution to solve Document the processes that you would like to improve/automate with a budgeting software solution Confirm the process for integrating data from your ERP, CRM, HRMS, or payroll system into a budgeting software solution Identify the area(s) within your company where you would like to increase collaboration for budgeting and forecasting Identify people within your Finance Department that would be initial users of a budgeting software solution Building knowledge of software solutions (CPM) that reduce the time spent on budgeting Review industry analyst reports about CPM solutions 3

4 Items Actions Look Within Your Company Ask a CPM Vendor Speak with colleagues in your industry about their experiences with CPM solutions (including total cost of ownership) Attend CPM vendor presentations and product demonstrations Identify a wish list of qualities and functionalities of a CPM solution that would help you reduce the time spent on budgeting and improve your budgets 4

5 About Prophix Prophix helps finance professionals in the mid-market optimize budgeting and planning processes by offering a cost-effective automation solution. By focusing on the unique and varied needs of Finance professionals in the mid-market, Prophix has developed an automation solution that: Is effectively managed within the Finance department Requires little or no involvement from I.T. departments Has a low and predictable total cost of ownership Is scalable and expandable without extensive customization Can be up and running in a matter of weeks As a result, Prophix s CPM software has been embraced widely around the world by ambitious and growth-oriented companies in the mid-market to reduce the frustration, time, and costs associated with using spreadsheets throughout the budgeting process. 5

6 Head office 350 Burnhamthorpe Road West, Suite 1000 Mississauga, Ontario Canada L5B 3J1 +1 (800) info@prophix.com South America Rio de Janeiro RJ - Brasil Av. Marechal Camara 160 sala 1612 Centro egallindo@prophixsouthamerica.com /br South America São Paulo - SP - Brasil Rua Guararapes º andar - Brooklin Novo United States 707 SW Washington St. Suite 1100 Portland, Oregon USA Denmark Strandvejen Hellerup Denmark jbille@prophix.com /dk United Kingdom Grove House Lutyens Close Basingstoke Hampshire RG24 8AG + 44 (0) masond@prophix.com Budgeting Budgeting Without Spreadsheets Without Spreadsheets checklist checklist 6

Budgeting without Spreadsheets

Budgeting without Spreadsheets A Prophix white paper Inside this document Introduction Who should read this Action Paper What you will know/be able to do after reading this action paper Why Prophix has